The HKMA will continue to work closely with the banking and stored value facility
(SVF) sectors to follow up as appropriate.
The public may contact their banks or stored value facility
operators for more details regarding the availability of the related services that may be affected by the above planned system maintenance exercise.
applying several operational mandatories adhering to MAS regulations, as host for CASHU Stored Value Facility
, also being
The HKMA has requested stored value facility
operators and banks to adopt the following refined process to enhance user protection:
The FPS will go into full production on September 30 when banks and stored value facility
(SVF) operators participating in the FPS will start to introduce services enabling their customers to make and receive real-time payments through the FPS.
The System supports real-time, round-the-clock fund transfer and payment services in Hong Kong dollars and Renminbi across different banks and stored value facility operators with the use of mobile phone numbers, email addresses or QR (Quick Response) codes.
This can only help banks and stored value facility operators roll out more innovative payment services; in turn, they will promote their wider adoption by customers and merchants.
It will set in motion full connectivity between banks and stored value facility
3 MAS proposes to bring these regulations under a single framework that will provide for the licensing, regulation and supervision of all payments services, including stored value facility
holders, remittance companies, and virtual currency intermediaries.
To fulfill the MAS obligations for Stored Value Facility
(SVF), CASHU has incorporated a range of operational enhancements into its payment platform.
These include remittance agents, money-changers, internet-based stored value facility
holders, corporate service providers and pawnbrokers.